Canaan to Heat 2800 Homes Through Bitcoin Mining

Canaan to supply mining equipment for 8 MW heating project in Scandinavia.

Canaan has been selected as the supplier of mining equipment for an 8 MW district heating project in a specified Scandinavian region.

The project, in collaboration with a local heating systems provider, involves the use of Avalon A1566HA ASIC miners with hydro cooling. These units can produce hot water at approximately 80°C, allowing for direct integration into existing heating networks.

Currently, the region has implemented a 2 MW hot water generation system based on 228 A1566HA units. Based on the experiment’s results, the client will purchase an additional 692 similar miners.

“By combining high-performance computing infrastructure with large-scale heat recovery, this 8 MW project is expected to provide reliable heating to approximately 2800 homes, marking a significant step towards more sustainable and cost-effective heating systems,” Canaan emphasized.   

In 2024, a similar project was implemented in Finland by Hashlabs Mining. The company integrated WhatsMiner M63S units from MicroBT into the heating system.

In the same year, MARA expanded the use of heat generated from bitcoin mining for residential heating. The second phase of the initiative extended the utility service to a population of 80,000 people.

Canaan Reports Quarterly Loss of $88.7 Million

In the first quarter, the mining company reported a net loss of $88.7 million. The negative result was largely due to the decline in bitcoin mining profitability and the write-off of exchange rate differences in cryptocurrency reserves.

Total revenue for the period was $62.7 million, compared to $196.3 million in the fourth quarter of 2025. Equipment sales accounted for $42.9 million—a drop of approximately 75%.

Mining in the first three months of the year generated $19.1 million in revenue (previously $30.4 million). The company noted the “resilient nature” of its mining operations despite price volatility and hashrate fluctuations.

Aggregate capacity across 10 joint mining projects reached approximately 11 EH/s, increasing by more than 10%. The average electricity cost in the firm’s portfolio was 0.04 per kWh.

Canaan mined 257 BTC over the quarter. The company’s cryptocurrency reserves grew to a record 1807.60 BTC and 3951.53 ETH during the reporting period.

On May 15, following the latest adjustment, bitcoin mining difficulty increased by 3.12% to 136.61 T.